DGRO vs FDL: Grades, Fees and Holdings Compared

iShares Core Dividend Growth ETF

DGROANYSE Arca

First Trust Morningstar Dividend Leaders Index Fund

FDLCNYSE Arca

Overlap

11.0%by weight

Expense ratio

DGRO −0.35pt a year

DGRO0.08%FDL0.43%

Avg volume · 30D

DGRO 1.8×the volume

DGRO1.39MFDL751K

10Y return · a year

DGRO +2.2pt

DGRO+14.1%FDL+11.9%

DGRO vs FDL Performance

Oct 29, 2021 – Oct 30, 2026

+71.0%DGRO+99.6%FDL

Expense ratio: DGRO 0.08%, better; FDL 0.43%
Fund size: DGRO $45.3B; FDL $8.39B
1Y total return: DGRO +21.5%; FDL +31.1%, better
Yield (12M): DGRO 1.84%; FDL 3.60%, better
Holdings: DGRO 394; FDL 101
Avg volume (30D): DGRO 1.39M sh, better; FDL 751K sh
NAV per share: DGRO $81.00; FDL $53.81
52W range

ETF.net Grade

Pillar letters and Scores for DGRO, FDL, with each pillar’s weight
Pillar	DGRO	FDL
Cost30% weight	A88Higher	D29
Mission25% weight	A98Higher	B64
Risk15% weight	A77Higher	A73
Tradability15% weight	A90Higher	A72
Holdings10% weight	B62Higher	F24
Durability5% weight	A87Higher	A79

Rank among US Dividend Index funds

How we build Categories ›

Same Category. DGRO and FDL are both graded against the same 52 US Dividend Index funds, so their Grades compare head to head.

US Dividend Index⁠

Category · 52 funds

See all 52 ›

DGRO ranks 1st and FDL 30th of 52 funds in the US Dividend Index Category.

Rank 1ADGROiShares Core Dividend Growth ETFScore 86
Rank 2ASCHDSchwab U.S. Dividend Equity ETFScore 81
Rank 29CFVDFirst Trust Value Line Dividend Index FundScore 54
Rank 30CFDLFirst Trust Morningstar Dividend Leaders Index FundScore 52
Rank 30CPFMInvesco Dividend Achievers ETFScore 52

Our read on each fund

ETF.net Research

DGROAiShares Core Dividend Growth ETF

FDLCFirst Trust Morningstar Dividend Leaders Index Fund

In short

DGRO BlackRock's dividend-growth screen casts a wider net than most: five straight years of raises rather than ten, plus a payout-ratio cap that filters out stretched payers. About 400 US dividend raisers, large through small cap, for 0.08% a year.

FDL FDL doesn't weight by company size or by yield. It weights by dividend dollars, so America's biggest cash payers carry the most weight. Roughly 100 high-yield names, screened for payouts they can keep funding, running since 2006.

Stated mandate

DGRO The fund seeks to follow an index of U.S. equities whose dividends have grown consistently.

FDL The fund is an exchange-traded index fund seeking to replicate the price and yield of the Morningstar Dividend Leaders Index before fees and expenses.

Why people hold it

DGRO Costs 0.08% a year, a small fraction of the typical fee among US dividend-screen ETFs.
The screen has teeth: a qualified dividend, five years of uninterrupted dividend growth, a payout ratio under 75%, and the top decile of yielders cut before the other tests run.ishares.com
Roughly 400 names across large, mid and small caps, weighted by the dividend dollars each company pays rather than by market cap.ishares.com cib.barclays
Tracks the Morningstar US Dividend Growth Index about as tightly as this group gets, and it's an actively traded, multi-billion-dollar fund that has run since 2014.

FDL Weight follows the checkbook: positions are sized by the dollar value of dividends paid, with any single name capped at 10% and all 5%-plus names capped at 50% combined.contentstack.io
The screen is about payout durability, not just headline yield: stocks need a consistent payment record and the ability to sustain it before the top 100 yielders are taken.yahoo.com
Trading since 2006, a multi-billion-dollar fund that changes hands actively and pays on a quarterly schedule.
Lands in the upper half of a US dividend-screen peer group of roughly 50 funds.

Worth knowing

DGRO Chopping the highest-yielding decile is deliberate: this is built around payout growth and dividend durability, not the fattest current yield on the shelf.ishares.com
Only dividend payers qualify, so some of the market's biggest non-paying growth companies sit outside the portfolio by rule.ishares.com
Income arrives quarterly, not monthly, and this is plain US stock exposure: no buffer, no hedge, full equity risk.

FDL At 0.43% it costs more than the cheap index heavyweights in the group (VIG 0.04%, SCHD 0.06%, DGRO 0.08%) and sits a little above the peer median.
Concentrated by design: about 100 names, non-diversified, and the dividend-dollar math tilts toward the mega-caps and sectors writing the biggest checks.yahoo.com contentstack.io
Yield-first, not dividend-growth. The portfolio looks different from growth-screened peers like VIG and DGRO, which start from rising payouts instead of high ones.yahoo.com

Full DGRO profile⁠

Full FDL profile⁠

DGRO vs FDL Holdings

How DGRO and FDL differ

Overlap by weight

11.0%

Shared holdings make up 31.5% of FDL and 11.0% of DGRO.

Level by level

Holdings36 in both11.0%
Sector10 Sectors63.2%
Countryby domicile98.7%
Asset classEquity100%

Sector

Sector weights in DGRO and FDL, widest gap first
Sector	More in DGROMore in FDL	DGRO	FDL
Technology	DGRO +12.7 points	17.8%	5.1%
Consumer Staples	FDL +11.8 points	12.6%	24.4%
Communication	FDL +10.7 points	0.1%	10.8%
Industrials	DGRO +7.8 points	11.2%	3.4%
Utilities	FDL +7.6 points	7.1%	14.7%
Financials	DGRO +6.9 points	19.4%	12.5%
Energy	FDL +6.7 points	5.8%	12.5%
Health Care	DGRO +5.3 points	17.6%	12.3%
Consumer Discretionary	DGRO +2.2 points	6.1%	3.9%
Materials	DGRO +2.0 points	2.4%	0.4%

Country, concentration and asset class

Country by domicile

Country weights in DGRO and FDL, widest gap first
Country	More in DGROMore in FDL	DGRO	FDL
United Kingdom	FDL +0.8 points	0.0%	0.8%
United States	DGRO +0.5 points	99.2%	98.7%
Ireland	FDL +0.6 points	0.0%	0.6%
Other countries (3)	DGRO +0.7 points	0.7%	0.0%

Concentration

Weight in the 10 largest Holdings

DGRO27.1%
FDL51.2%

Securities held

DGRO391
FDL100

Asset class

DGRO: Equity
FDL: Equity

Holdings

Only in DGRO355
In both36
Only in FDL64

Only in DGRO

355 securities, 88.8% of DGRO by weight

Exxonmobil Holdings Corp3.33%
AbbVie3.05%
Microsoft3.04%
Apple3.04%
Johnson & Johnson2.78%
JPMorgan Chase & Co2.66%
Procter & Gamble2.42%
Broadcom Inc2.40%
Home Depot2.07%
Coca-Cola1.92%
UnitedHealth Group1.85%
Merck & Co Inc1.81%
International Business Machines Co1.52%
Eli Lilly1.48%
Cisco Systems Inc1.38%
Amgen Inc1.26%
Bank of America1.26%
Wells Fargo1.22%
Mcdonalds Corp1.15%
Nextera Energy1.13%
Visa Class A1.09%
Walmart1.08%
Morgan Stanley1.00%
Conocophillips1.00%
Gilead Sciences1.00%
Goldman Sachs Group0.98%
Abbott Laboratories0.93%
Citigroup0.87%
Rtx0.85%
Qualcomm0.83%
Union Pacific0.77%
Lockheed Martin0.71%
BlackRock0.71%
Linde PLC0.69%
Mastercard Class A0.67%
Pnc Financial Services Group0.64%
Costco Wholesale Corp0.63%
Lowes Companies Inc0.62%
Automatic Data Processing Inc0.62%
Oracle0.61%
Analog Devices0.54%
Eog Resources0.53%
Caterpillar Inc0.50%
Tjx0.49%
Phillips 660.49%
American Electric Power Inc0.47%
Marsh0.44%
Cme Group Class A0.44%
American Express0.43%
Illinois Tool Inc0.41%

Only in FDL

64 securities, 68.2% of FDL by weight

Chevron Corporation9.35%
Pfizer Inc.6.55%
Verizon Communications Inc.6.53%
Altria Group, Inc.4.99%
United Parcel Service, Inc. (Class B)3.23%
Bristol-Myers Squibb Company3.00%
Comcast Corporation (Class A)2.55%
Blackstone Inc.2.09%
U.S. Bancorp1.89%
ONEOK, Inc.1.70%
Kinder Morgan, Inc.1.57%
Truist Financial Corporation1.49%
Dominion Energy, Inc.1.41%
Target Corporation1.23%
NIKE, Inc. (Class B)1.21%
Prudential Financial, Inc.1.15%
Exelon Corporation1.13%
Kimberly-Clark Corporation1.09%
Paychex, Inc.0.87%
The Kraft Heinz Company0.85%
Edison International0.84%
Amcor plc0.78%
General Mills, Inc.0.72%
Eversource Energy0.71%
Huntington Bancshares Incorporated0.70%
T. Rowe Price Group, Inc.0.65%
FirstEnergy Corp.0.63%
HP Inc.0.60%
Smurfit Westrock Plc0.55%
Omnicom Group Inc.0.54%
Fidelity National Information Services, Inc.0.52%
Regions Financial Corporation0.51%
Best Buy Co., Inc.0.49%
KeyCorp0.45%
The Clorox Company0.35%
Stanley Black & Decker, Inc.0.33%
Skyworks Solutions, Inc.0.31%
The J.M. Smucker Company0.30%
Pinnacle West Capital Corporation0.30%
The AES Corporation0.30%
OneMain Holdings, Inc.0.26%
Columbia Banking System, Inc.0.25%
Eastman Chemical Company0.21%
Hormel Foods Corporation0.21%
Franklin Templeton, Inc.0.21%
UGI Corporation0.20%
Conagra Brands, Inc.0.19%
Chord Energy Corporation0.19%
The Campbell's Company0.18%
Lincoln National Corporation0.17%

Weight gaps

All 36 Holdings in both funds, largest gap first.

Holding weights in DGRO and FDL, widest gap first
Holding	More in DGROMore in FDL	DGRO	FDL
Philip Morris InternationalPM	FDL +4.24 points	2.27%	6.51%
PepsicoPEP	FDL +3.27 points	1.75%	5.02%
Accenture PLC Class AACN	FDL +2.23 points	1.20%	3.43%
Medtronic PLCMDT	FDL +1.54 points	0.82%	2.36%
SouthernSO	FDL +1.51 points	0.81%	2.32%
Duke Energy CorpDUK	FDL +1.45 points	0.78%	2.23%
Mondelez International Class AMDLZ	FDL +1.09 points	0.59%	1.68%
Consolidated EdisonED	FDL +0.58 points	0.31%	0.89%
Wec Energy GroupWEC	FDL +0.55 points	0.29%	0.84%
Public Service Enterprise GroupPEG	FDL +0.55 points	0.29%	0.84%
Ares Management Class AARES	FDL +0.42 points	0.22%	0.64%
Dte EnergyDTE	FDL +0.38 points	0.21%	0.59%
EvergyEVRG	FDL +0.27 points	0.15%	0.42%
Tyson Foods Inc Class ATSN	FDL +0.25 points	0.14%	0.39%
Genuine PartsGPC	FDL +0.21 points	0.11%	0.32%
Fidelity National Financial IncFNF	FDL +0.19 points	0.10%	0.29%
Mccormick & Co Non-VotingMKC	FDL +0.18 points	0.10%	0.28%
Essential Utilities IncWTRG	FDL +0.17 points	0.09%	0.26%
Oge EnergyOGE	FDL +0.15 points	0.08%	0.23%
Brown Forman Class BBF.B	FDL +0.11 points	0.06%	0.17%
Prosperity BancsharesPB	FDL +0.11 points	0.06%	0.17%
Old Republic InternationalORI	FDL +0.10 points	0.06%	0.16%
Black Hills CorpBKH	FDL +0.10 points	0.05%	0.15%
H&R Block IncHRB	FDL +0.09 points	0.05%	0.14%
Lamb Weston HoldingsLW	FDL +0.08 points	0.05%	0.13%
Spire IncSR	FDL +0.08 points	0.04%	0.12%
Nexstar Media Group IncNXST	FDL +0.08 points	0.04%	0.12%
Bank OzkOZK	FDL +0.08 points	0.04%	0.12%
MosaicMOS	FDL +0.08 points	0.04%	0.12%
First American Financial CorpFAF	FDL +0.08 points	0.04%	0.12%
Northwestern Energy GroupNWE	FDL +0.07 points	0.04%	0.11%
New Jersey Resources CorpNJR	FDL +0.07 points	0.04%	0.11%
One GasOGS	FDL +0.06 points	0.04%	0.10%
Penske Automotive Group Voting IncPAG	FDL +0.04 points	0.02%	0.06%
Brown Forman Class ABF.A	FDL +0.02 points	0.01%	0.03%
Installed Building ProductsIBP	FDL +0.01 points	<0.01%	0.02%

All 391 DGRO holdings⁠All 100 FDL holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

DGRO vs FDL Cost

Overpaying FDL vs DGRO

$6,973

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

DGRO 0.08%
$1,689
FDL 0.43%
$8,662

Amount$10,000

Years30 years

Cost over time

DGRO 0.08%
FDL 0.43%
Overpaying

Year by year

Year	DGRO	FDL	Overpaying
10	$147	$776	$629
20	$575	$2,994	$2,419
30	$1,689	$8,662	$6,973

Expense ratio

0.08%DGRO, cheaper
0.43%FDL

DGRO0.08%FDL0.43%

0.04%0.70%

Middle half of US Dividend Index funds
Median 0.35%

DGRO 8th cheapest of 52 funds

FDL 38th cheapest of 52 funds

DGRO vs FDL Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DGRO 1.84%; FDL 3.60%, better
Payout (12M): DGRO $1.49; FDL $1.94
Last payment: DGRO $0.39; FDL $0.51
Ex-dividend: DGRO Sep 15, 2026; FDL Sep 24, 2026
Paid on: DGRO Sep 18, 2026; FDL Sep 30, 2026
Frequency: DGRO Quarterly; FDL Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

DGROQuarterly · 39 paymentsAll DGRO payments⁠

FDLQuarterly · 41 paymentsAll FDL payments⁠

DGRO vs FDL Risk

Fall from peak · 5 years

DGRO
FDL

Risk facts

VolatilityStd dev, 3 years: DGRO 10.8%, betterFDL 13.9%
Return per unit of riskSharpe ratio, 3 years: DGRO 1.47, betterFDL 1.31
Worst fallMax drawdown, 5 years: DGRO −19.3%FDL −16.4%, better
Market sensitivityBeta, 5 years: DGRO 0.67FDL 0.39; Market = 1

DGRO and FDL in the news

All news⁠

Best ETFs
The best growth ETF is the cheap one on the index you want
Updated Nov 2, 2026DGRO
Best ETFs
For a rising dividend, iShares Core Dividend Growth ETF ranks first
Updated Nov 2, 2026DGRO
New ETFs
Eventide lists two ETFs at 0.75% and 0.95% for strategies it already runs
Oct 30, 2026DGRO
Best ETFs
Schwab's dividend ETF returned 22.8% in a year. Its income rate still trails a one-month bill.
Updated Oct 2, 2026DGRO
Income Watch
A 25.22% distribution rate met a -0.32% SEC yield as the 10-year paid 5.01%
Sep 20, 2026DGRO
New ETFs
Raub Brock lists HQDG, an active dividend-growth ETF priced at 0.50%
Sep 8, 2026DGRO

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DGRO vs FDL

In short

Stated mandate

Why people hold it